Latest News
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Zambia and the US increase use of $491 Million grant programme for critical metals infrastructure
Zambia announced on Thursday that it had agreed with U.S. Agency Millennium Challenge Corporation to increase the use of $491'million agriculture grant programme' to support key critical minerals infrastructure. Signed in 2024, the "farm to market" grant was initially intended to boost agricultural development in Africa’s No. 2 copper producing country. The Zambian finance ministry released a statement that said, "The realignment of the railway will support Zambia's agriculture and critical minerals economy along the Lobito Corridor -- a major economic corridor for Zambia." The 'Lobito Corridor' is a rail connection between Angola's Atlantic port of Lobito and the top copper and cobalt producer on the continent, Democratic Republic?Congo. This route is considered strategic in order to export critical minerals to Western countries, which are looking to counter China's dominance of metals essential for the energy transformation. Zambia wants to link its copperbelt with the corridor. The African Finance Corporation is the lead project developer. It has stated that it aims to close the financial deal in the 'fourth quarter' of 2027. The ministry stated that some of the grant funds will be used to build infrastructure related to the project. The report added that "Priority 'road segments for rehabilitation were aligned to the Lobito - Corridor, one of 'Africa's most important emerging trade and logistic corridors." Reporting by Chris Mfula. Nelson Banya is the writer. Mark Potter (editing)
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European shares fall as markets ponder hawkish US Federal Reserve
Investors increased their bets that the U.S. Federal Reserve rate increase later this year?after policymakers struck a more hawkish tone. The pan-European STOXX 600 closed 0.3% lower and ended a five-day streak of gains. The regional bourses showed mixed results, with France, Germany and Italy posting gains and Spain and Italy declining. The FTSE 100 in Britain ended the day 1% down as heavyweight healthcare and energy stocks weighed. In June, the Bank of England held interest rates at 3.75% because it deemed it premature to increase rates due to uncertainty regarding 'inflation pressures. Oil and gas shares in Europe fell 1.5%, as oil prices dropped to their lowest levels since the first day of trading during the Iran War. U.S. president Donald Trump signed an agreement with Iran to end a war that has disrupted the global energy supply. The interim ?pact has brought relief for markets, with energy-price-sensitive travel and leisure shares rising 0.8% on Thursday. But despite the relief, it was short-lived due to monetary policy uncertainties. NEW FED CHAIRMAN The Fed in the U.S. held rates at the same level on Wednesday but nine policymakers predicted a rate increase this year. The Fed's statement on Wednesday removed any guidance regarding future rate movements, a sign of the influence of the new Fed chairman Kevin Warsh. "Transitions such as this are unsettling to markets." Steven Blitz is the chief U.S. economic at GlobalData.TS Lombard. He said that political and economic volatility will?confront and confound Warsh's plan to get the Fed in his promised land. According to LSEG data, the European Central Bank increased borrowing costs last week. Traders expect another 25 basis-point rate increase by year's end. Mining shares fell 3.1%, and were the largest decliners in the STOXX major subsectors. Commodities suffered from a stronger dollar. Mercedes-Benz, Volkswagen, and Stellantis were all at the bottom of the list. BMW fell 4%, after falling 8.3% in the previous session following a shocking profit warning. Accenture's cut in its full-year guidance caused a sharp drop among European IT service firms. Capgemini fell 8.9%, a six-year low, while Cancom, Atos, and Reply all saw declines between 2% to 6.9%. Edenred rose 17.2% after the French voucher company confirmed that it was approached by investment funds following media reports about possible takeover interests from investment firm BC Partners.
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Grids are being urged to change data center power regulations by the US Energy regulator
On Thursday, the top U.S. Energy regulator ordered that?electric grid operators?review?rules?for connecting large energy consumers such as data centres. Demand from server warehouses is straining power grids. The demand for electricity is increasing in the United States, and data centers are driving the electricity usage to new records. Grids cannot supply the electricity needed by large swaths across the country. This has regulators scrambling to manage the surge. The Federal Energy Regulatory Commission draft orders "show cause" direct?the six region grids that fall under its jurisdiction (excluding Texas) to justify or revamp their?processes for powering large energy consumers. The FERC order 'follows a Directive by the United States. Last year, Energy Secretary Chris Wright was asked to expedite the connecting of data centers in order to achieve the goal of the United States to win the global race for developing and rolling out new AI technology. Laura Swett, FERC chairman, said: "This is a 'race against time. We will win. "This is a?priority our country faces at this time. Grid 'operators' and -transmission owners will have 60 days to reply to FERC. They must explain their current rules or if they plan to make changes in five categories. These categories include clear processes for connecting very large energy consumers, such as data centers, and allocating costs to large energy customers.
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BMW chairman: 'We are on the right track' as profit warnings hit shares
Nicolas Peter, chairman of the supervisory board, said that BMW's?next generation models are "on track". This comes days after an unexpected profit warning, which hit?the shares. Peter, a journalist in Paris, told journalists that the orders for BMW's Neue Klasse models were "strong" and "good for both the manufacturer and the suppliers involved with the project". The Neue Klasse comprises a range of new BMW models that are part of an ambitious revamp of the company's line-up in a period of fierce competition with Chinese rivals. After the warning, brokerages such as Citi and HSBC lowered their target prices, and the shares of the German premium automaker fell even further. They now trade at the lowest levels since November 2, 2020. BMW shares were trading 5.3% lower at 1415 GMT and were ranked as the bottom blue-chip index in Germany. Analysts noted the impact of a 'guidance cut' that was triggered by the prolonged weakness on the important Chinese market, as well as Iran's war. Berenberg analysts stated that "the magnitude of this new downgrade is greater than what we anticipated." They added that "this could lead to a deeper strategic reset under the new CEO", referring specifically to Milan Nedeljkovic who replaced long-time leader Oliver Zipse in the last month. Analysts have said that BMW could announce capacity reductions in Europe and accelerate its strategy to localise production in North America, China and other parts of the world. Peter said BMW is confident about the U.S. market, which he described as stable and important. The market is important and stable, but BMW was selling less in Europe despite its local strategies. Peter said that there was space for both foreign and local?automakers to compete in China. The country is the world's largest auto market, has seen a price war, and remains the biggest auto market. (Reporting and writing by Makini Brrice, Additional reporting and writing by Christoph Steitz and Rachel More; Editing and editing by Dominique Patton & Alexander Smith).
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Senator calls on FAA to refuse White House pressure and approve Trump arch
The 'top Democrat' on the Senate Aviation Subcommittee urged Federal Aviation Administration (FAA) to reject White House pressure for approval of President Donald Trump’s proposed 259-foot tall Independence Arch. She said it could present risks to commercial flight. "The FAA should commit to the highest safety standards, and reject any inappropriate or irresponsible pressuring from President Trump in order to prioritise the construction of this gaudy 'vanity arch. This is not in the best interest of the American people," wrote Senator Tammy Duckworth in a letter to FAA Administrator Bryan Bedford on Thursday. Last week, the FAA stated that it would require red safety lights on the arch but claimed there were no'safety implications' in its initial review. The proposed arch will be located 3,000 feet away from Ronald Reagan Washington National Airport, and in the main approach and departure corridor of the airport. The FAA stated that it would directly respond to Duckworth. The White House didn't immediately comment. The FAA requires flashing red warning lights to be installed on buildings over 200 feet from airports, such as the 555-foot Washington Monument. This is done in order to alert pilots during the night. Duckworth pointed out that the National Park Service estimated that construction of Trump's arches would require cranes up to 300-320 feet high and could take 20 hours a day for two to three years. She stated that commercial jets are capable of flying as low as 500 feet in the air on final approach, raising "additional operational and safety concerns." Duckworth pointed out that the mid-air collision last year between an American Airlines commuter plane and Army helicopter resulted in 67 deaths and "underscores" the consequences of insufficient coordination. Trump wants the arch built across the Potomac River near Arlington National Cemetery, just north of the Lincoln Memorial. The structure resembles the Arc de Triomphe, but is much larger. The arch with eagles statues, a Lady Liberty-type figure, and a top that is reminiscent of the Arc de Triomphe in Paris would be taller and bigger than the Lincoln Memorial, and not too far from the U.S. Capitol which, at 288 feet, can be seen throughout Washington. The Arc de Triomphe is 164 feet tall in?Paris. The National Capital Planning Commission approved the project on 4 June, while seeking further information about the impact of the structure on flight paths. A lawsuit was filed to stop the project.
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There are some flights to the Middle East that have resumed but there is still disruption.
Several airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict that erupted after U.S. and Israeli airstrikes against Iran. However, many other carriers continue to suspend flights, causing global travel disruptions. The following is an alphabetical update of the flight status for airlines: AEGEAN AIRLINES The largest airline in Greece has cancelled flights between Thessaloniki and Tel Aviv until the 26th of June. Flights from?Dubai to Erbil,?Baghdad and?Baghdad are all cancelled until September 30. AIRBALTIC AirBaltic, a Latvian airline, has cancelled all flights to Tel Aviv and Dubai until the 28th of June. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspended flights to Tel Aviv until June 23, Beirut until 24 June and Dubai until 30 June. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 9. CATHAY PACIFIC Hong Kong Airlines has suspended flights to Dubai and Riyadh through August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York JFK-Tel?Aviv service on September 6. However, the launch date of Boston-Tel?Aviv, originally planned for October, has now been pushed back until further notice. FINNAIR Finnair has cancelled all Doha flights until October 2 and continues to avoid airspace in Iraq, Iran Syria, and Israel. The airline will resume Dubai flights in October, which are only operated during the winter. British Airways, owned by IAG, delayed the resume of its flights to Doha and Riyadh to August 8th. Flights from Amman, Bahrain, Amman, Tel Aviv and Dubai will be paused for the remainder of the summer and resumed on October 25. When the flights resume, it plans to reduce service to Dubai, Doha and Riyadh to just one flight per day, and drop Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as soon as July 1. ITA Airways also confirmed they would resume the flights from July?1. SWISS delayed the return of flights to Tel Aviv until August, while Brussels Airlines suspended its operations until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa has suspended all flights to Abu Dhabi until October 24, as have SWISS, Austrian Airlines, Brussels Airlines, Beirut Airlines, Dammam Airlines, Riyadh Airlines, Erbil Airlines, Muscat Airlines, and Tehran Airlines. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil until July 9; to Dubai, Abu Dhabi, and Amman until Oct 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed the launch of Tel Aviv and Beirut indefinitely and no new start dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines The carrier has extended the suspension of its Singapore-Dubai flights until August 2. It also added services to Singapore-London Gatwick, and Singapore-Melbourne from late March until 24 October in order to "meet increased demand". TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
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Documents show that India Oil Corp is looking for gas and oil tankers from the Gulf to transport cargoes.
Tender documents show that Indian Oil Corporation, the nation's largest refiner, has issued tenders to charter vessels for the lifting of liquefied petroleum, gas and oil out of ports in the Strait of Hormuz. Documents show that the tenders are the first ones issued by IOC after the U.S. signed an interim agreement with Iran to end the war and reopen?waterway. They include chartering of a VLGC, a Suezmax tanker, and a VLCC. A VLCC carries about 2 million barrels. A Suezmax can carry about one million barrels. The document stated that IOC aims to?lift LPG from June 30 to July 4 in ports such as Ras?Laffan, Qatar, Mina Al Ahmadi, Kuwait, or?Ruwais, UAE. Documents show that the refiner wants to charter a VLCC for oil deliveries from Mina Al Ahmadi in Saudi Arabia between June 28-29 and a Suezmax to load cargo from Ras Al Khafji on June 29-30 for delivery to India's West Coast.
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Waymo recalls almost 3,900 robotaxis due to the risk of them entering construction zones that are closed.
Waymo, the self-driving division of Alphabet, is recalling 3,900 robotaxis from the U.S. due to a software issue that could cause them to drive into a construction zone on a freeway. This is the second?recall?by?Waymo?in just over a week. The National Highway Traffic Safety Administration has issued a recall for more than 12 incidents that occurred in California and Arizona since early April, in which Waymo autonomous cars (AVs), did not recognize and drive past ramp closure signs in pre-planned "freeway construction zones" and freeway lanes where active construction was taking place. The company initially implemented?restrictions on freeway driving until it improved its awareness of and response to closures. Waymo updated its vehicle software to prevent?entering construction areas. Waymo announced in a Thursday statement that it "identified a area for improvement regarding performance around construction zones on freeways. Last month, we voluntarily restricted the operation of freeways while "making improvements." Waymo recalled about 3,800 robotaxis last month because they could have entered flooded roads that had higher speed limits. The recall was prompted by an April 20 incident in which a Waymo car drove into a flooded San Antonio lane during extreme weather. Waymo stated that the vehicle was not occupied and no injuries occurred, but the accident prompted the company's review of similar scenarios with high speeds and impassable roads. Waymo issued several recalls in the past two years. These include?potentially inaccurately predicting a towed vehicles movement and?a vehicle’s detection of?response?to poles or pole-like objects. Separately Waymo faces an NHTSA probe after one of their self-driving cars struck a child in Santa Monica, California near an elementary school, causing only minor injuries. The National Transportation Safety Board announced in March that it was investigating a January incident?inwhich Waymo's self-driving cars illegally passed an?addressed school bus with its lights activated. Waymo was recalled last December for illegally passing school buses that were stopped.
Some Canadians in Canada's northernmost regions worry that Carney's military plans overlook everyday needs
There are only two grocery stores in a Canadian hamlet at the northernmost tip of the Arctic Ocean. The sports arena is the only place to go for entertainment. And there's no doctor. A trip south usually requires a 2-hour flight. Dentists visit the 2,000-person community 'twice per year' and trucks bring in water. Giving birth can often involve flying to another city, several hours away. This is done weeks before the due date. Natasha Neglak Lear (49), a Cambridge Bay resident, was not impressed when she heard that Prime Minister Mark Carney planned to spend more than C$2 billion?to designate Cambridge Bay as one of the two new northern military centers. She said there were'more pressing issues' to be considered, such as a local place where women could give birth.
She said that before they did all of this, they should give to us what the people in the south have, referring specifically to the two-thirds or more of Canadians living within 100 kilometers of the U.S. Border. "Development and doctors, dentists and birthing centers are needed to help us grow."
Carney has committed more than C$35billion to increase military spending in Canada, and to "take control" over its Arctic territory. This move was partly motivated by Donald Trump's threats of annexing Greenland, and making Canada the 51st State, and Trump's demand that Canada and its allies raise their defence expenditure. Canada wants to be able to respond independently to threats in an increasingly dangerous and divided world, which Carney describes as "more dangerous" and "divided". To do this, it is upgrading airports and strengthening northern defenses. It also ensures that aircraft can be deployed anywhere in the Arctic. Climate change is making the icy region more accessible. Russia has more military bases in the Arctic than any other country. In recent years, China began to increase its presence, mainly in partnership with Russia, in this mineral-rich region.
TRAUMATIC MEMORIES
Canada is home to a quarter of the Arctic region of the globe, with most of its territory being significantly less developed than those of European nations. This region is larger than continental Europe and accounts for 40% the land mass of Canada, 75% its coastline but only has less than 150,000 residents.
Indigenous leaders, who make up the majority of Arctic residents, have complained for years about insufficient investments. Politicians also acknowledge that the sparsely-populated region lacks tax bases to finance major infrastructure projects.
Interviews with dozens of military, community and Indigenous leaders in Canada's Arctic?territory showed that some were encouraged by Carney's plan - which includes investing C$294 million to renovate Arctic airports and build new runways. In interviews with dozens military, Indigenous and community leaders in Canada's Arctic Territory, some expressed their support for Carney's plans. This includes investing C$294 millions in renovating Arctic Airports and building new airport runways. Some people were worried that the military would change their lives without improving education, health care and social services. Cambridge Bay Mayor Wayne Gregory stated that he was "ecstatic' about Carney’s Arctic strategy announcement made on March 12. He described the military?hub design as a possible turning point for the city. Some Inuit, which make up over 80% of Nunavut’s population of 42,000 people, still have painful memories from previous militarization attempts during the Cold War. In the 1950s-'60s, the government relocated people thousands of kilometers away and killed thousands of dogs to control disease and public safety. This deprived Inuits of their ability to travel and hunt. Indigenous leaders are concerned that Canada's response to Trump's threat could again violate their constitutional rights to manage their land, culture, and education. Natan Obed is the president of Inuit Tapiriit Kanatami which represents over 70,000 Inuit living in Canada's far north. "We're the best-prepared to deal with any threats that come our way. What we have been asking for are the necessary funds so we can?have thriving community."
Carney's Government disputed the idea that increased defence spending could result in fewer funds being allocated to other local initiatives. Eric Head, the Indigenous Services Ministry's spokesman, pointed to resources dedicated for youth programs, community safety and mental health for Indigenous communities, as well as plans recently announced to spend C$1.4billion on health and social initiatives.
CARIBOU MIGRATION Census figures show that Indigenous people living in the Arctic have a higher rate of unemployment and are more likely to struggle to find housing and food than other Canadians. This has serious consequences. The rate of tuberculosis in Indigenous people living in the Arctic is more than 600 times greater than that of non-Indigenous Canadians, and their life expectancy falls by about 10 years.
Carney's plan only allocates a small fraction of the funds to be spent in the next 12 year for civil projects. For example, a C$1billion Arctic Infrastructure Fund will be used to build roads, ports, and bridges.
Carney, according to some Indigenous leaders, failed to consult them before releasing the plan for developing the Arctic. George Mackenzie is the Dene National Chief of the Northwest Territories. He said that the Prime Minister should meet with regional chiefs from Canada's Indigenous People, as he does with the premiers in each province and territory. Carney has promised to work with Indigenous Leaders and that the government will invest C$10 Billion into energy projects. This investment is expected to create more than 10,000 jobs during construction in the Arctic. Ottawa has backed the Grays Bay Road and Port Project, which is aimed at connecting a mineral-rich area in the Arctic with?global shipping lanes. Some locals fear that it could harm the migration of the 'local caribou herds', the main food source in the region.
Lear, a member of the Kitikmeot Inuit Association's board, expressed her surprise that Carney was promoting the project before the environmental impact had been evaluated. She said that the caribou population is already declining and construction could push them out of the area. Inuit rely on caribous for food, hide and fur. Haugaaq, 62, was teaching local youths how to make traditional fur and gloves at a workshop. She said it was the first in her lifetime that she saw so many politicians involved in the Arctic.
She said, "We need more protection with what is going on in the rest of the world." I hope that the leaders who are in charge of us think about our needs first." (Reporting and editing by Caroline Stauffer, Deepa Babington and Maria Cheng)
(source: Reuters)